TALLAHASSEE, Fla. (WCTV) – With inflation rates being at a forty-year high, residents locally say they’ve had to adjust their lifestyles to accommodate.
“Man a lot has happened man. I’ve lost like twenty pounds because I can’t even eat McDonald’s anymore, it’s crazy out here,” exclaimed Tallahassee resident Julien Pierre.
What used to be normal habits for some has now turned into luxuries. We spoke to an FSU Professor of Supply Chain Management who broke down how we got here.
“People were spending money and you know with a good economy and when people have jobs so there’s a lot of money out there,’” explained FSU Professor of Supply Chain Management Larry Giunipero. “And then if you add in those supply chain problems and kinks that we had where we couldn’t get enough goods.”
The inflation rates are 7.9% higher than a year ago and have reached a 40-year high with the conflict in the Ukraine adding to the jump.
“It looks like we’re going to pay more for it for a while and maybe we’re going to get a big jump until things in Ukraine settles out and hopefully markets return back to normal,” said Professor Giunipero.
The rates are not only impacting food and gas prices but for some, the secondary market.
“I see it mostly in the secondary market, second hand goods. Everything is priced extraordinarily high,” said Pierre.
The hope is that prices normalize soon but folks aren’t holding their breathe.
“I just hope to see everything go back to normal eventually but truth be told this might be the new normal. We got Covid still going on. This is basically the new normal just hold on tight,” shared Pierre.
Guinipero says however, he doesn’t see this trend continuing to the end of the year.
“I think for the next couple of months we’ll see some pretty big inflation numbers and then hopefully may be the second half or fourth quarter he goes maybe down to three or 4%,” said Professor Giunipero.
While some people think the worst is to come, most economists believe the U.S. Economy is growing so strongly that a recession is unlikely.
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